THEMIGREG
ActiveTHEMIGREG has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €40k and a net result of €-5k. Equity is growing by ~54.3% per year across the filed fiscal years. Its solvency ranks better than 74% of 429 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
70
/ 100
Healthy
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability32▼-68
Solvency100=
Growth57▼-16
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2.5k at 30 days acceptable
Liquidity ample (current ratio 7.1 against 35.25 in 2024; short-term debt: 10.5% and cash: 3.3% of total assets), and 24.7% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 85
Relative position
BE, all sectors
reference
Sector 85
lower
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
75.3%
Return on assets
-9.3%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-08-2026, 27 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
27 d late
2024
26 d late
2023
28 d late
2022
on the day
2021
26 d late
2020
1 d early
2019
11 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
16-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€69k▲ 16.3%
2024 · €59k
2018: €35k
2019: €35k
2021: €36k
2022: €45k
2023: €61k
2024: €59k
2018 → 2025
EBIT margin
-5.6%▼ 25.3pp
2024 · 19.8%
2018: -3.0%
2019: -0.3%
2021: 5.7%
2022: -5.3%
2023: 18.2%
2024: 19.8%
2018 → 2025
Net result
€-5k
2024 · €14k
2018: €-1k
2019: €-234
2021: €2k
2022: €-3k
2023: €12k
2024: €14k
2018 → 2025
Working capital
€34k▼ 15.2%
2024 · €40k
2018: €166
2019: €437
2021: €8k
2022: €7k
2023: €24k
2024: €40k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€36k-€45k▲ 25.1%€61k▲ 34.0%€59k▼ 2.4%€69k▲ 16.3%
Equity€12k-€11k▼ 9.3%€26k▲ 138%€42k▲ 63.1%€40k▼ 5.0%
Operating result€2k-€-2k€11k€12k▲ 6.1%€-4k
Net result€2k-€-3k€12k€14k▲ 11.0%€-5k
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €4k after €12k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €54k
Fixed assets
€14k▲ 602%
Current assets
€40k▼ 4.0%
Equity and liabilities €54k
Equity
€40k▼ 5.0%
Debt
€13k▲ 1,018%
The debt ratio rises from 2.7% to 24.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€3k▼
2024 · €16k
Cash flow
€2k▼
2024 · €17k
Solvency
75.3%▼
2024 · 97.3%
Current ratio
7.10▼
2024 · 35.25
Quick ratio
7.10▼
2024 · 35.25
Debt / equity
0.33▲
2024 · 0.03
ROE
-12.4%▼
2024 · 31.9%
ROA
-9.3%▼
2024 · 31.0%
Interest coverage
2.62▼
2024 · 67.36
Debt
€13k▲
2024 · €1k
Debt ≤ 1 year
€6k▲
2024 · €1k
Debt > 1 year
€8k
Staff costs
€17k▲
2024 · €14k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€44k€54k▲
Fixed assets21/28€2k€14k▲
Tangible fixed assets22/27€2k€14k▲
Plant, machinery and equipment23€2k€2k▼
Furniture and vehicles24-€12k
Current assets29/58€42k€40k▼
Amounts receivable within one year40/41€39k€38k▼
Trade receivables40-€2k
Other amounts receivable41€39k€36k▼
Cash at bank and in hand54/58€3k€2k▼
Equity and liabilities
Total equity and liabilities10/49€44k€54k▲
Equity10/15€42k€40k▼
Contributions10/11€6k€6k=
Capital10€6k€6k=
Issued capital100€19k€19k=
Uncalled capital101€12k€12k=
Reserves13€49k€52k▲
Non-distributable reserves130/1€121€121=
Reserves not available under the articles1311€121€121=
Tax-exempt reserves132€49k€52k▲
Profit (loss) carried forward14€-13k€-18k▼
Amounts payable17/49€1k€13k▲
Amounts payable after more than one year17-€8k
Financial debts170/4-€8k
Amounts payable within one year42/48€1k€6k▲
Financial debts43-€4k
Credit institutions430/8-€4k
Trade debts44€665€447▼
Suppliers440/4€665€447▼
Other amounts payable47/48€517€1k▲
Income statement
Code20242025
Turnover70€59k€69k▲
Goods, raw materials, services and sundry goods60/61€26k€47k▲
Remuneration, social security and pensions62€14k€17k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€4k€7k▲
Other operating charges640/8€4k€2k▼
Gross operating margin9900€34k€22k▼
Operating profit (loss)9901€12k€-4k▼
Financial income75/76B€2k€2▼
Recurring financial income75€2k€2▼
Financial charges65/66B€232€1k▲
Recurring financial charges65€232€1k▲
Profit (loss) for the period before taxes9903€14k€-5k▼
Profit (loss) for the period9904€14k€-5k▼
Profit (loss) for the period to be appropriated9905€14k€-5k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-13k€-18k▼
Profit (loss) brought forward from the previous period14P€-26k€-13k▲
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 27 days late
2025
31-12
Financial
Weakest financial yearnet €-5k ▼137%
Net result drops to €-5k, the lowest in the series.
26-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 26 days late
2024
31-12
Financial
Highest result since 2018net €14k ▲11%
Operating result €12k, net result €14k, both a record.
31-12
Financial
Liquidity times 5current ratio 35.25
Current ratio from 6.99 to 35.25; short-term debt falls from €4k to €1k.
28-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 28 days late
2023
31-12
Financial
Back to profitnet €12k
Net result €12k after one loss-making year.
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
26-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 26 days late
2021
31-12
Financial
Back to profitnet €2k
Net result €2k after 2 loss-making years.
31-12
Financial
Liquidity triplescurrent ratio 3.86
Current ratio from 1.23 to 3.86.
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
20-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
12-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 12 days late
2018
23-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
21-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 21 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Namur · 1 establishment unit since 2008
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue de la Prem.Armée Americ.(WP) 125100 Namur1 establishment unit
THEMIGREG
since 20082.169.368.079
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Of 13,489 companies in sector 85510 we hold annual accounts for 717. 594 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded12-03-2008
Fiscal year end31-12
Activities, NACEBEL
85510Sports and recreation education
93110Operation of sports facilities
93199Other sports activities
Sources
Crossroads Bank for EnterprisesNational Bank · 18 filings
Data from official sources, last processed on 16-09-2026. Scores and ratios are computed by Checked and are not a credit decision.